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WWE Founder Vince McMahon Resigns Amid Sexual Assault and Trafficking Allegations

The resignation follows a lawsuit filed by former employee Janel Grant, causing a drop in shares of parent company TKO Group Holdings.

TKO Executive Chairman of the Board Vince McMahon is seen during a ceremony announcing Dwayne "The Rock" Johnson has joined the Board of Directors for TKO at New York Stock Exchange on January 23, 2024 in New York City.
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Overview

  • Vince McMahon, founder of WWE, has resigned from his role as executive chairman of WWE parent company TKO following accusations of sexual assault and trafficking by former WWE employee Janel Grant.
  • Grant alleges that McMahon promised her a job and later promotions at WWE in exchange for sex, and that he trafficked her to other men inside and outside of the company.
  • McMahon's resignation comes just days after TKO signed a $500 million annual 10-year contract with Netflix for WWE’s Monday Night Raw.
  • McMahon's resignation has caused shares of TKO Group Holdings to fall more than 1% on Friday, to $86.54, and more than 4% on Monday.
  • The lawsuit against McMahon and WWE could potentially expose more WWE leaders and former leaders, and lead to long-overdue reforms in the company.